Vortex’s acquisition of a £470 Million UK solar PV portfolio

Watson Farley & Williams (“WFW”) has advised European renewables platform Vortex, which is managed by the private equity arm of EFG Hermes, on its acquisition of 365 MW UK solar PV portfolio with an enterprise value of c. £470m from TerraForm Power.

The closing of the transaction is subject to the completion of certain conditions precedents.

Comprising 24 operational assets, Vortex’s new acquisition represents one of the largest solar PV portfolios in the UK. Backed by the UK Government’s Renewable Obligation Certificates and 14-year power purchase agreements with creditworthy off-takers, the portfolio has an average asset age of two years and an estimated useful life of c. 30 years. It currently carries a project finance debt facility of c. £300m which Vortex intends to refinance shortly after the completion of this transaction.

Vortex has now invested US$1.4bn in the European renewables market since 2014, following this transaction and its earlier acquisition of a 457 MW Western European wind portfolio managed by EDP Renováveis. Lightsource, Europe’s largest solar PV projects developer with more than 1.3 GW of assets under management, will act as a technical partner to Vortex for operations and management services post-completion of the acquisition.

Listed on both the Egyptian and London stock exchanges, EFG Hermes is a MENA-focused investment bank specialising in securities brokerage, asset management, investment banking, private equity and research.

The Watson Farley team was led by Partners Henry Stewart (Picture) and Paul Doris (both Energy & Infrastructure), supported by Tim Williams, Katherine Best, Craig Bruce, Emmanuel Ninos, Emma Blake, Mike Kruger, Marianne Khoo, Nick Walker and Sam Hutchings (all Energy & Infrastructure), Tom Jarvis and Rob Firth (both Tax), Jeremy Robinson (Competition) and Charlotte Williams, John Rosmini and Dan Sargeant (all Real Estate).

Involved fees earner: Henry Stewart – Watson Farley & Williams; Paul Doris – Watson Farley & Williams; Tim Williams – Watson Farley & Williams; Katherine Best – Watson Farley & Williams; Craig Bruce – Watson Farley & Williams; Emmanuel Ninos – Watson Farley & Williams; Emma Blake – Watson Farley & Williams; Michael Kruger – Watson Farley & Williams; Marianne Khoo – Watson Farley & Williams; Nick Walker – Watson Farley & Williams; Samuel Hutchings – Watson Farley & Williams; Tom Jarvis – Watson Farley & Williams; Rob Firth – Watson Farley & Williams; Jeremy Robinson – Watson Farley & Williams; Charlotte Williams – Watson Farley & Williams; John Rosmini – Watson Farley & Williams; Dan Sargeant – Watson Farley & Williams;

Law Firms: Watson Farley & Williams;

Clients: vortex energy holding ag;

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